Search results for "Risk"

An Ontology to Support Semantic Management of FMEA Knowledge

2016

<p>Risk mitigation has always been a special concern for organization’s strategic management. Various tools and techniques have been developed to manage risk in an effective way. Failure Mode and Effects Analysis (FMEA) is one of the tools used for effective assessment of risk. It analyzes all potential failure modes, their causes, and effects on a product or process. Moreover it recommends actions to mitigate failures in order to enhance product reliability. Organizations spend their resources and domain experts make their efforts to complete this analysis. It further helps organizations identify the expected risks and plan strategies in advance to tackle them. But unfortunately the …

Axial Load Capacity of Cold Formed Pipe Flange Connection

2017

In this paper, a cold forming process is used where the connection between a pipe and a flange is created by means of radially expanding tool segments inside the pipe. The method is investigated with two purposes, to set up a robust procedure for the process that allows for connections to be made on site, and to set up finite element (FE) simulations that can capture the forces and deformations when pulling the pipe axially out of the flange. Experimental data and FE simulations are used to describe and understand the forces and deformations during the connection process. The rapid increase in radial stiffness experienced when the pipe comes in full circumferential contact with the flange i…

Manufacturing Risk Identification in the Steel Industry

2020

The steel manufacturing industry is an inseparable part of the nuclear power plant construction project. This industry is a business full of dynamics, risks, and challenges. The implementation of risk management becomes an obligation that must be executed in managing this very complex project. In general, risk management in manufacturing includes steps to understand and identify potential problems that may occur, evaluate, monitor, and handle risks. The main risk management objectives are to prevent or minimize adverse effects due to unforeseen events through risk aversion or preparation of contingency plans related to those risks. This paper describes the identification of risk factors and…

The shear strength of Opalinus Clay shale in the remoulded state

2020

Abstract The Opalinus Clay shale formation is considered as a potential host geomaterial for the Swiss deep geological repository for radioactive waste. It presents different facies and it is characterised by a multi-scale heterogeneous composition, by a typical fissile structure with well-defined bedding planes and by anisotropic hydro-mechanical behaviour. This peculiar complexity makes it difficult to assign a unique set of geomechanical parameters to the material. This paper presents an experimental study aimed at characterising the lowest values of the shear strength parameters. In this sense, the shear behaviour was investigated on remoulded samples where the fabric and the diagenetic…

Challenges influencing the safety of migrant workers in the construction industry: A qualitative study in Italy, Spain, and the UK

2021

Abstract The construction industry is notoriously high risk for accidents, injuries, and deaths, particularly for non-national or migrant workers, who comprise a significant proportion of the workforce. This paper presents an international, qualitative study focused on exploring the challenges which influence the safety of migrant construction workers in Italy, Spain, and the UK. Based on a comprehensive review of the literature, we formulated two research questions about the challenges relating to safety that migrant workers face and the challenges to safety training effectively improving migrant workers’ safety behaviours. We present our template analysis of semi-structured interviews and…

Pricing Sovereign Contingent Convertible Debt

2016

We develop a pricing model for sovereign contingent convertible bonds (S-CoCo) with payment standstills triggered by a sovereign's credit default swap CDS spread. One innovation is the modeling of CDS spread regime switching which is prevalent during crises. Regime switching is modeled as a hidden Markov process and is integrated with a stochastic process of spread levels to obtain S-CoCo prices through simulation. The paper goes a step further and uses the pricing model in a Longstaff-Schwartz. American option pricing framework to compute state contingent S-CoCo prices at some risk horizon, thus facilitating risk management. Dual trigger pricing is also discussed using the idiosyncratic CD…

Grading investment diversification options in presence of non-historical financial information

2021

Modern portfolio theory deals with the problem of selecting a portfolio of financial assets such that the expected return is maximized for a given level of risk. The forecast of the expected individual assets’ returns and risk is usually based on their historical returns. In this work, we consider a situation in which the investor has non-historical additional information that is used for the forecast of the expected returns. This implies that there is no obvious statistical risk measure any more, and it poses the problem of selecting an adequate set of diversification constraints to mitigate the risk of the selected portfolio without losing the value of the non-statistical information owne…

Climate Change and Disasters

2017

Ideas and approaches proven successful within disaster risk reduction (DRR) literature and practice are either bypassed or inadequately considered by contemporary climate change work. This chapter explores the intersections between climate change and hazards, vulnerability, and risk, looking at climate change as both a hazard driver and a hazard inhibitor. The implications of the narrow interpretations of vulnerability employed in climate change work are examined, as well as the ways in which climate change has come to act as a scapegoat for issues, events, and processes caused by hazard-independent factors. The chapter formulates a case for climate change adaptation (CCA) to be seen as a s…

2019

Final disposal of spent nuclear fuel (SNF) from nuclear power plants (NPPs) is an ethical issue with implications within and across generations. We address this issue from the perspective of nuclear communities that host nuclear waste disposal sites. These are primarily the communities that face injustice due to the potential radiological risks. A resident survey (n = 454) was conducted in two Finnish nuclear communities, i.e. Eurajoki and Pyhajoki, that are being considered as alternative sites for a second repository for SNF. The nuclear waste management (NWM) company Posiva is already building a repository in Eurajoki, the first in Finland. These communities are in different stages of th…

Safety regulations : implications of the new risk perspectives

2016

Abstract The current safety regulations for industrial activities are to a large extent functionally oriented and risk-based (informed), expressing what to achieve rather than the means and solutions needed. They are founded on a probability-based perspective on risk, with the use of risk assessment, risk acceptance criteria and tolerability limits. In recent years several risk researchers have argued for the adoption of some new types of risk perspectives which highlight uncertainties rather than probabilities in the way risk is defined, the point being to better reflect the knowledge, and lack of knowledge, dimension of risk. The Norwegian Petroleum Safety Authority has recently implement…